In the midst of crisis there is opportunity and in any opportunity there is risk
In the midst of chaos, opportunities can often arise. When the familiar order is disrupted, new possibilities emerge, and innovative solutions can be found. It is during such times that creative thinking and adaptability become crucial, allowing individuals and organisations to seize the opportunities that chaos presents. By keeping an open mind and exploring different perspectives, one can uncover unforeseen avenues for growth and success.
That’s a perceptive observation. During times of crisis, there can often be opportunities for growth, innovation, and positive change. However, it’s important to recognise that taking advantage of these opportunities also comes with risks. It’s crucial to carefully assess and manage those risks while pursuing new opportunities. Balancing caution and calculated decision-making can help navigate through uncertain times effectively.
More business risk management articles videos and risk reviews
Crisis Management: The Ultimate Test of Leadership. True leaders shine in times of crisis. What’s the most challenging crisis you’ve managed, and what did it teach you about leadership? Share your stories and lessons learned from the frontlines of crisis management. BusinessRiskTV.com #BusinessRiskTV #ProRiskManager #CrisisManagement #RiskManagement
The global economy is facing a number of headwinds in 2023, including the ongoing wars in Ukraine and Gaza, high inflation, and rising interest rates. These factors are expected to lead to lower economic growth and a softening jobs market in the United States, European Union, and United Kingdom in 2024.
Business leaders need to be prepared for these challenges and take steps to mitigate the risks to their businesses. In this article, we will provide an overview of the economic outlook for 2024 and offer advice on risk management for business leaders.
Economic Outlook for 2024
The International Monetary Fund (IMF) (before taking into account war in Gaza) has forecast that global economic growth will slow to 3.2% in 2024, down from 3.6% in 2023. This is the slowest pace of growth since the global financial crisis in 2009.
The IMF expects the US economy to grow by 1.7% in 2024, down from 2.3% in 2023. The EU economy is expected to grow by 1.9% in 2024, down from 2.6% in 2023. The UK economy is expected to grow by 1.0% in 2024, down from 2.2% in 2023.
The slowdown in economic growth is expected to lead to a softening of the jobs market. The IMF expects the unemployment rate in the US to rise to 4.0% in 2024, up from 3.7% in 2023. The unemployment rate in the EU is expected to rise to 7.0% in 2024, up from 6.7% in 2023. The unemployment rate in the UK is expected to rise to 4.5% in 2024, up from 4.2% in 2023.
Risk Management Advice for Business Leaders
In light of the economic outlook, business leaders need to be prepared for the following risks:
Lower demand for goods and services: As economic growth slows, consumers and businesses are likely to spend less. This could lead to lower sales and profits for businesses.
Softening jobs market: As the unemployment rate rises,businesses may have difficulty finding and retaining qualified workers. This could lead to higher labour costs and disruptions to operations.
Rising interest rates: Central banks are raising interest rates in an effort to combat inflation. This could make it more expensive for businesses to borrow money and invest in growth.
Supply chain disruptions: The ongoing war in Ukraine (and new war in Gaza) and other factors have caused disruptions to global supply chains. This could make it difficult for businesses to obtain the materials and components they need to produce their goods and services.
Business leaders can take a number of steps to mitigate these risks, including:
Diversify their customer base and product mix: This will help to reduce their reliance on any one customer or product line.
Invest in technology and automation: This can help to improve efficiency and productivity, and reduce labor costs.
Lock in long-term contracts with suppliers: This can help to mitigate the risk of supply chain disruptions and price increases.
Build up their cash reserves: This will give them a financial cushion to weather any downturns in the economy.
In addition to these general risk management measures, business leaders should also consider the specific risks that are relevant to their industry and sector. For example, businesses in the retail and hospitality sectors may be more vulnerable to lower consumer spending. Businesses in the manufacturing sector may be more vulnerable to supply chain disruptions.
By taking the necessary steps to manage risks, business leaders can increase their chances of success in 2024 and beyond.
Specific Risk Management Strategies for Different Industries
Retail: Retail businesses can focus on increasing sales through online channels, offering discounts and promotions, and improving customer service. They can also reduce costs by streamlining their operations and negotiating better deals with suppliers.
Hospitality: Hospitality businesses can focus on attracting and retaining tourists, offering special packages and promotions, and improving the customer experience. They can also reduce costs by streamlining their operations and negotiating better deals with suppliers.
Manufacturing:Manufacturing businesses can focus on increasing productivity, reducing costs, and diversifying their product mix. They can also mitigate supply chain risks by building
Will you be unscathed from, or even benefit from, global financial tsunami?
A global economic tsunami is breaking. The impact will increase substantial in 2023. This global economic tsunami was triggered in spring of 2020. An economic atomic bomb was set-off deliberately, accidentally or carelessly by central banks and national governments around the world to protect businesses from Covid pandemic. The medicine has proven to be worse than the illness. Perhaps if the medicine was moderated the global financial tsunami we are just starting to suffer from would not have been created. Instead the world become addicted and then seemingly oblivious to the impeding danger of uncontrolled money printing and quantitative easing QE and cheap money swamping the global economy.
How likely is a global economic collapse?
The best we can hope for is a long deep depression not short shallow recession. If we are lucky we will avoid global economic collapse. However, it is probably 60:40 that a global economic collapse will happen. We are in a bad place from which we can recover at present, but poor decision-making from here will turn a bad situation into a global economic collapse.
How did we get here?
Central banks slashed interest rates to near zero and even negative in some countries and printed fake money out of thin air professionally called QE. Once the sluice gates were opened and cheap to free money was splashed everywhere, inflation was inevitable – too much money and too little supply after supply chains were cut or severely restricted. Our central bankers and politicians tried to convince us printing more money in two years than has ever been printed ever before was creating just transitory inflation spikes. However, the runaway money printing has created difficult to control embedded inflation caused largely by business leaders profiteering. Business profits in 2021 2022 are off the scale and now employees want their share to compensate for loss of income in real terms against inflation and we are facing a winter of discontent at best in some countries, and in others, riots in the streets.
The next phase following increased business profits and resentful employees wanting higher pay will morph into business cuts and increased layoffs including rising unemployment and higher business closures.
The global economic tsunami is hitting some shores already. In Cryptoland we have seen the collapse of the second biggest crypto exchange or marketplace in the world. In the Bankingland firms like Credit Suisse could yet collapse. In the global financial tsunami in 2008 Lehmann Bros bank collapsed and was a high-profile casualty of the financial sector self-induced global financial crisis. Credit Suisse is a much bigger bank than Lehmann Bros bank. The collapse of Credit Suisse would induce global economic collapse. In the 2008 global financial tsunami, banks like Royal Bank Of Scotland RBS were considered too big to fail and became UK government owned (something like 87% owned). Slowly RBS is being sold off by the UK government but some 14 years later RBS has still not recovered. In fact, it kinda never recovered as it has been rebranded as Natwest bank. The RBS bank brand “too big to fail” washed away in the global financial crisis of 2008. Which big financial sector brands will be washed away by the global financial tsunami 2022?
Retail investors, the little people, are like the people you see in real tsunami videos. They have been running about, bemused by the water initially disappearing from the beach or port. Retail investors have bought assets in 2021 2022 thinking that this is a buying opportunity that could setup up their investment for life. In fact, 2023 will be the buying opportunity of a life for investing in your future after the tsunami has wiped out money zombie companies unable to access cheap money any more. The remaining businesses will be on offer at sale prices. Retail investors have been or are about to be wiped out. S&P500 companies will make very little profit in 2023, if any, and their capitalisation will fall still further than a bad 2022 has hit share values. Institutional investors will hoover up cheap stocks and benefit in 2025 when shares will skyrocket once again, but many retail investors will have drowned in the global financial tsunami.
Propertyland will be a slower burn, or partial drowning, in that some parts of world will go under into negative territory whilst other parts of the world will tread water for a year or two before recovering. Property prices are falling in some parts of the world. Some parts will experience a property price correction, but others will suffer property price collapse.
Manufacturingland and Retailland are further inshore from the beach. When the global financial tsunami breaks in 2023 many businesses will simply be washed away never to recover. Others will rebuild and prosper with less competition to eat into profit.
Some politicians in the likes of USA try to tell you that inflation is no biggy! That should really be interpreted as the tsunami wave to hit in 2023 is no longer 100 feet high – it’s only 90 feet high! Will such a drop protect your business?
In fact, whilst official inflation figures may well drop slightly in 2023, some inflation like food inflation is unlikely to fall and could even increase as the effects of things like war in Ukraine, less fertilisation of the soil due to cost of fertilsers and policymakers restricting farmers from farming for climate protection reasons feed into the food supply chain in 2023.
How do we dig ourselves out of this hole we dug for ourselves or how does your business stop itself from falling into the hole with everyone else?
Relief from inflation will not happen until 2024 – if ever. It is unlikely that we will ever undershoot central bank interest rate targets of 2 percent ever again, or at least for decades.
You will need to set your business strategy to navigate a more difficult year in 2023 than 2022 was. Certain things outside of your control could dramatically make life easier in 2023 than can be realistically anticipated just now. Russia and Ukraine could agree a peace deal in 2023 for example. Santa is unlikely to bring this before the end of 2022 and there is little sign that 2023 will bring peace to these countries or the rest of the world. Even if the fighting was to stop now, the global economic pain will continue throughout 2023.
What is within your control to manage the risks to your business in 2023?
There is a finite amount of stuff available that people and businesses want. It is difficult to manage the risks of accessing, sharing and using limited resources. The problem of scarcity and choice lies at the heart of our immediate and at least medium term business risks and lifestyle quality. Scarcity requires choice from buyers and sellers.
How can we work together to overcome the problems of scarcity
How can we work together to overcome the problems of scarcity
Basic Economic Problem Solution
Working together to grow faster and shelter from bad risk events is the only way to survive and prosper in an increasingly dangerous world.
Working to help you succeed in any business environment
Subscribe to BusinessRiskTV for free risk management news alerts, opinions and reviews to inform your key business decisions on survival and business improvement.
The pandemic, the war, the energy crisis, the food crisis and the health crisis will create economic chaos over the next couple of years. That does not mean you might as well shut up shop and go home! When chaos causes other business leaders to fold you need to become even more creative, flexible and dynamic. To prepare for the ensuing economic disaster you need to build on your hard work managing effects of pandemic to cover more issues including continuing supply problems, rising costs and bad debt. You may have thought that now a couple of years after the pandemic started you could start to breath more easily. Unfortunately the economic effects of the pandemic were smoothed out with unprecedented monetary support from global governments. However their magic money tree has died! You are on your own now. Now we will see who really are the good business leaders.
We do not yet know and will never know with certainty, what key risks we will have to deal with in business. This is why we are horizon scanning for you. Our risk management experts are analysing and assessing new risks. We are researching and developing new risk management solutions. Subscribe for free to BusinessRiskTV to keep up to date with potential new threats and opportunities for your business.
Managing opportunities and risks better with BusinessRiskTV. Business opportunities come with business risks. External and internal risk drivers will impact on business objectives negatively and positively. Controlling business risks and opportunities can secure greater business success and build stronger business resilience. Identify assess and control business risks better with articles and videos on BusinessRiskTV. Monitor business risks to your business objectives to protect and grow your business faster.
What are the risk and opportunities in business
Managing business risks is a critical business issue all business leaders face. However not all business leaders face the same business risks. Similar businesses can have the same business risks but may have different resources deployed in business risk management. Opportunities for business leaders to grow their business fast are always available to you if you look and take the best course of action. Understand the top business risks facing your business with help tips and support from BusinessRiskTV
How can business leaders protect and grow their business regardless of business environment
Do not panic! Think about and implement new strategies to reduce negative risks to your business. Be better prepared for downside risks. Discover fresh ideas to tackle risk management challenges.
Risk events can destroy a business strategy. Best laid plans … Managing business risks is crucial to maximise business performance. How do you identify and mitigate strategic operational and project risks?
How To Manage Risk In Business
Take The Leap Into Your Future Business Success With More Confidence
Analyse the risk so you can decide on its importance in relation to your business objectives.
Prioritise your available business resources to tackle the key business risks for the best return on your risk management time and money.
Assign responsibility for each key risk to your senior management team members. If no one is going to be held account for failure to manage key risks then there will be insufficient consideration of the risk.
Monitor and review your key business risks and effectiveness of associated risk management measures. If the net risk rises then you may need to make changes to you risk management plan. If the net risk reduces you may assign less management time to controlling it but still allocate responsibility for controlling the risk to a key senior management team member.
Risk Identification
Identify potential problems that could cause your business trouble. The business risk can be an event or it can be a condition like changing business environment.
Identify and assess your enterprise risks better
Risk Mitigation
International Trade Hub
Design a risk mitigation plan eliminate or minimise the impact of the risk on your business objectives. After evaluating the risk pick a risk mitigation strategy that avoids reduces or transfers the risk. Alternatively accept the risk as part and parcel of achieving business objectives.
Select and commit business resources required for specific risk mitigation strategies.
BusinessRiskTV
Seek out guidance on how to identify the risks your business may face. Understand how to respond to risk events. Put new risk management systems in place to deal with the risks cost effectively.
Learn how to develop a risk management plan to protect your business. Find ways to minimise business risks with a new risk management strategy and approach for managing.
Reduce not only the likelihood of an event occurring but also the potential impact. Make sure you also consider the opportunities to grow your business when determining how best to manage risks.
Subscribe to BusinessRiskTV for free risk management alerts bulletins and reviews to your email inbox
Work with BusinessRiskTV to identify alternative risk mitigation strategies methods tools and techniques for each key risk. Get risk management advice on how to control and minimise negative effects of key risks from network of risk management experts.
Business opportunities for growth in 2020s with BusinessRiskTV.com
Discover great opportunities that will allow your business to grow faster in 2020s. Sell products or services to grow your small business into a large business quicker. Look at new markets for your existing products or services or develop new products or services.
Make your business more profitable to grow it faster sustainably. Work with BusinessRiskTV to sell more online more profitably.
Become an entrepreneur. Start and build your own business. Reach customers more easily. Create a business to fulfil your life goals.
Get your business really going in 2020s
Maximise your sales. People are buying what you offer but they need to know where you are instead of where your competitors are.Get people to buy from you.
Use our ecommerce tools to boost your cash flow or link into your existing sales process direct from BusinessRiskTV
Put your specific products or services in front of more people ready to buy your business offering. Increase your revenue streams more profitably. Make your business idea a reality that can sustain your preferred lifestyle.
How to grow your business online with BusinessRiskTV
Subscribe to BusinessRiskTV for free alerts bulletins and reviews to your email inbox on seizing opportunities to grow your business faster
Complete and submit the form below. Enter code #BusinessOpportunity.
Global economic issues and trends with BusinessRiskTV.com
What are the biggest risks to the global economy?
Although unpredictable lets try and predict the future! What is exciting is that clearly there are many threats particularly from the environment and trade wars. There are also massive opportunities for business leaders who are in control of their own business risks.
What are the biggest threats and opportunities to the world in the new decade?
BusinessRiskTV
Some of the biggest global risks business leaders have little control over. Warfare and mass destruction global inequality between countries and unequal economic development creating mass economic migration global trade wars global pandemics political shift towards popularity driven left or right wing positions and systemic collapse of the financial markets. Contingency planning is the best that business leaders can do to manage most of such global catastrophic risks.
However there are risks business leaders do have the potential to have control over but do not always control such global occurring risks. Global risks falling into this category include deteriorating natural environment and global warming as well as cyber attacks.
Many of the risk management solutions for one global risk can manage the threat and opportunity from another risk without extra investment of time or money.
BusinessRiskTV
BusinessRiskTV is scanning for threats and opportunities to the global economy in the new decade. If you look for it you can still see an abundance of wealth and opportunity globally and locally.
Global Recession?
Putting warfare and mass destruction risk to one side the most likely cause of a global recession is the continuing or deterioration of global trade wars.
The climate threat has come off age! The solutions are already known. However the will is less obvious. The financial services industry particularly banks will probably be the biggest influencers in driving environmental protection. Many banks and investors are refusing to finance coal businesses and are threatening divestment and lack of funding for other fossil fuel businesses. Even the governor of the Bank of England has told pension fund managers to sort out investment in fossil fuel based businesses.
The flip side of this is the opportunity to make money from environmental protection. Existing and developing environmental protection technologies are a real business opportunity. Even if your business does not sell environmental protection products or services your brand needs protecting via the adoption of good environmental protection policy.
The world is drowning in debt and fake money. Government corporate and personal debt. How future generations will cope with the weight of debt when many in the developed world are also going to suffer the effects of demographic time bomb detonation. Quite frightening! However one way to cope with future and present global risks is for governments to invest money in infrastructure particularly 5G communication and utilities. Many of the innovation and inventions are going to rely on power and the internet.Necessity is the mother of invention but with power and faster communication we will be trapped in the past with only a vision of how much better our future could be globally.
Keep up to date with economic issues in the world that could impact on your business objectives
Email [email protected] or complete and submit the form below to receive free email alerts bulletins and global risk reviews.
Promote and market your business on BusinessRiskTV for 12 months
Put your business products or services in front of potential new customers in more innovative ways. Link to your existing sales process from BusinessRiskTV. Develop new income streams more profitably. Grow your business faster.
The global landscape is changing rapidly, with new risks emerging every day. From geopolitical tensions to cybersecurity threats, businesses around the world are facing a complex and constantly evolving set of risks that they must manage in order to survive and thrive. In this article, we will explore some of the most pressing global risks that businesses need to be aware of and offer some strategies for managing them effectively.
Geopolitical Risks
Geopolitical risks are those that arise from political tensions between countries or regions. These risks can take many forms, including trade wars, sanctions, and military conflicts. One recent example of a geopolitical risk is the ongoing trade war between the United States and China, which has had significant implications for businesses around the world.
To manage geopolitical risks, businesses need to stay informed about political developments in the regions where they operate. They should also be proactive in diversifying their supply chains and hedging against currency fluctuations. In addition, businesses can consider partnering with local organisations or governments to gain a better understanding of the political environment and mitigate potential risks.
Cybersecurity Risks
Cybersecurity risks are those that arise from the increasing use of technology and the internet. As businesses become more reliant on digital systems and data, they also become more vulnerable to cyber attacks. These attacks can take many forms, including ransomware, phishing, and malware.
To manage cybersecurity risks, businesses need to invest in robust cybersecurity measures, such as firewalls, encryption, and regular system updates. They should also educate their employees about best practices for online security, such as avoiding suspicious emails and using strong passwords. In addition, businesses can consider purchasing cyber insurance to mitigate the financial impact of a cyber attack.
Climate Change Risks
Climate change risks are those that arise from the impact of climate change on the environment and society. These risks can take many forms, including extreme weather events, sea level rise, and food and water scarcity. The impact of climate change is already being felt around the world, and businesses need to be prepared for the potential consequences.
To manage climate change risks, businesses can take a number of steps. They can invest in renewable energy sources and other sustainable technologies to reduce their carbon footprint. They can also develop contingency plans for extreme weather events and other climate-related risks. In addition, businesses can consider partnering with governments and NGOs to address climate change at a systemic level.
Supply Chain Risks
Supply chain risks are those that arise from disruptions to the flow of goods and services. These disruptions can be caused by a variety of factors, including natural disasters, political unrest, and pandemics. The COVID-19 pandemic, for example, has had a significant impact on global supply chains, causing shortages of critical goods and disrupting manufacturing and distribution networks.
To manage supply chain risks, businesses need to develop contingency plans for disruptions, such as alternative suppliers and backup inventory. They should also be proactive in identifying potential risks in their supply chains and implementing measures to mitigate them. In addition, businesses can consider investing in technologies, such as blockchain and IoT, to improve supply chain visibility and resilience.
Financial Risks
Financial risks are those that arise from changes in the financial markets or economic conditions. These risks can take many forms, including fluctuations in exchange rates, interest rates, and commodity prices. They can also be caused by systemic risks, such as a global recession or financial crisis.
To manage financial risks, businesses need to be proactive in monitoring financial markets and economic conditions. They should also develop contingency plans for potential disruptions, such as currency hedging strategies and diversified investment portfolios. In addition, businesses can consider partnering with financial institutions and other experts to gain a deeper understanding of financial risks and opportunities.
Managing global risks is a complex and ongoing process for businesses around the world. By staying informed about emerging risks and implementing proactive measures to mitigate them, businesses can reduce their exposure to potential losses and position themselves for long-term success.
It’s important to recognise that global risks are interconnected, meaning that a disruption in one area can have ripple effects across multiple industries and regions. For this reason, businesses need to take a holistic approach to risk management, considering the potential impact of each risk on their operations and stakeholders.
In addition to the strategies outlined above, businesses can also consider partnering with risk management experts and other organisations to stay informed about emerging risks and best practices for risk management. By taking a collaborative approach to risk management, businesses can better anticipate and manage global risks, while also positioning themselves for long-term success in an ever-changing landscape.
Overall, businesses that are able to effectively manage global risks will be better positioned to thrive in a rapidly changing world. By staying informed, developing contingency plans, and investing in resilience, businesses can reduce their exposure to potential losses and position themselves for long-term success.
Ways mindfulness can improve your work performance
Maximise your performance by restoring your mind and body with mindfulness techniques. Focus your mind and body on the most difficult task at the beginning of your working day. Do not try to do everything when you start work. Assess what is the most important thing to do to achieve your objectives and do it. This may not be the most urgent thing that needs doing.
Doing what is most important is better for you in long run than doing most urgent things.
BusinessRiskTV
Your business performance may come down to your attitude to risk. However focusing your resources on managing risks better could allow you to embrace business risks more build resilience and achieve better results.
Mindfulness can help you shift your response to business risks.
Be more relaxed that your business risks are under control.
Encourage a positive risk management culture.
Be more creative and innovative.
Improve decision making.
Encourage more responsible attitude to all stakeholders affected by your business activities
Rebalance your risk management process to take more holistic business risk management decisions. Optimise your business performance.
Subscribe to BusinessRiskTV for free alerts and bulletins on business enterprise risk management principles and best practices
Exploiting Opportunities Mitigating Threats Cost Effectively With BusinessRiskTV
An effective enterprise risk management framework and risk assessment process will identify assess and manage your enterprise risks.
Your enterprise risk management system should help you ensure enterprise risk awareness to mitigate threats and seize new business opportunities.
Control the impact of uncertainty on your business objectives. Create and development new opportunities for business growth. Focus limited business resources on key limiting issues holding your business back. Build business resilience.
Our holistic risk management approach to business decision making can help you develop a new risk based business strategy for greater success. Combat key business threats. Create new profitable revenue streams.
Enterprise risk management analysis with BusinessRiskTV
How to identify and analyse enterprise opportunities and threats
Improve your identification and analysis of business opportunities and threats. Subject your business processes to better risk identification and analysis to boost your business performance.
Unlock the secrets of successful business risk management: Sign up for our ongoing risk management workshops today!
Use your business strengths to mitigate the threats your business faces. Reduce your weaknesses to control the threats to your business objectives. Seize new business opportunities to build your business resilience.
Find out how to protect your business better and build business resilience with BusinessRiskTV
Subscribe for free to BusinessRiskTV to follow updates and highlights of articles and workshops on risk identification and analysis
Use enterprise risk identification and analysis to help you grow your business with less uncertainty.
Enhance what you are doing well for greater returns on your investment of time and money.
Identify new opportunities for your business that you are currently missing or failing to capitalise upon.
Control the risks holding your business development back.
Recognise that you do have opportunities to improve your business and what you need to do to make them work well regardless of the business or economic environment.
Subscribe for free to BusinessRiskTV to follow updates and highlights of articles and workshops on risk identification and analysis
Create a business risk management plan after identifying key threats and opportunities for your business: PESTLE example
A business risk management plan for a business leader in the UK could include the following:
Political risks:
Monitor changes in government policies and regulations that may affect the business
Assess the potential impact of political instability on the company’s operations and supply chain
Develop contingency plans for disruptions caused by political events
Economic risks:
Monitor economic indicators such as GDP growth, inflation, and interest rates
Assess the potential impact of economic downturns on the company’s revenue and profitability
Develop strategies to mitigate the effects of economic fluctuations on the business
Social risks:
Monitor changes in consumer behavior and preferences
Assess the potential impact of social trends on the company’s products and services
Develop strategies to adapt to changes in consumer demand
Technological risks:
Monitor advances in technology that may disrupt the company’s business model
Assess the potential impact of technological innovations on the company’s competitiveness
Invest in research and development to stay ahead of technological changes
Legal risks:
Monitor changes in laws and regulations that may affect the business
Assess the potential impact of legal changes on the company’s operations and compliance costs
Develop strategies to mitigate legal risks, such as insurance or implementing compliance programs
Environmental risks:
Monitor changes in environmental regulations and standards
Assess the potential impact of environmental factors on the company’s operations and supply chain
Develop strategies to mitigate environmental risks, such as implementing sustainable practices or investing in renewable energy.
Note: PESTLE Analysis is a framework for assessing the external factors that may affect a business. It is a useful tool for identifying potential risks and opportunities for a business.
PESTLE BUSINESS RISK PLAN
Risk Type
Key Considerations
Potential Impact
Mitigation Strategies
Political risks
Changes in government policies and regulations
Disruptions to operations and supply chain
Monitor political developments, develop contingency plans
Economic risks
Economic indicators such as GDP growth, inflation, and interest rates
Reduced revenue and profitability
Monitor economic indicators, develop strategies to mitigate effects of economic fluctuations
Social risks
Changes in consumer behavior and preferences
Reduced demand for products and services
Monitor social trends, develop strategies to adapt to changes in consumer demand
Technological risks
Advances in technology that may disrupt business model
Loss of competitiveness
Monitor technological developments, invest in R&D to stay ahead of changes
Legal risks
Changes in laws and regulations
Increased compliance costs and legal liabilities
Monitor legal developments, implement compliance programs and insurance
Environmental risks
Changes in environmental regulations and standards
Negative impact on operations and supply chain
Monitor environmental developments, implement sustainable practices and invest in renewable energy.
Understand where your business really is and where it has the potential to go to with BusinessRiskTV
Business reinvention with BusinessRiskTV
Change management thinking to a more balanced risk approach to threats and opportunities. Reinvent your business risk management model. Work with top thought leaders in the world of business thinking.
Evaluate your current business situation
Make more informed business decisions on how to proceed
Think about your appetite and business risk tolerance when considering what you want to achieve
The business marketplace is always changing. What people and business leaders want or expect changes. Change your business thinking to respond with more confidence. Proactively manage potential future risks better today.
Step guide to reinventing your business with BusinessRiskTV
Our guide to reinventing your business. Start with your risk management culture. Identify your management team risk appetite and risk tolerance. Identify your corporate tolerance to risk. The key to your business reinvention is your risk culture. You can then change your
risk management principles
risk management framework and
risk assessment process
This will help you deploy a risk management plan that works better for your business.
Develop a new business model for today and tomorrow
BusinessRiskTV
Overcome resistance to become a more forward thinking business with stronger resilience. Build greater business success with less uncertainty. Get ahead of the current business curve.
First step to reinventing a business
How To Grow Online Sales With BusinessRiskTV.com
Subscribe for free to find out more about the steps to reinventing your business model
Refresh your thinking and that of your business management team. Focus your resources on whats important to your business success. Manage the significant uncertainties impacting on your business objectives.
Subscribe for free to find out more about the steps to reinventing your business
Recommended articles and videos
Reinvent your thinking. Reinvent the way you respond emotionally to risk.
Is your risk perception reality?
How should you respond to risk events affecting other businesses and your business?
How do you prioritise risk management action plan?
Choose a more certain more positive business risk management plan for your business.
Make sure you have the risk tolerance capacity to manage threats and right risk appetite to achieve greater business success.
Adversity and failure can help you become more successful especially if you mitigate downside risk.
Grow your business regardless of how tough the economic climate is. Overcome all roadblocks.
Drive your business forward. Change course if you need to but keep on track to achieve business objectives
Find greater comfort and a quiet nights sleep knowing you have adopted best risk management plan for your business
Get help to find the best way forward for your business. Create more value with less uncertainty from existing resources. Start planning for greater business success.
Process of business opportunity identification and evaluation
Identify and evaluate all the opportunities for a better future for your business. Proactively keep all business opportunities under review and assess the potential outcomes of pursuing each opportunity. Focus your resources on winners using a risk-based decision-making process. Optimise the return of your investment of time and money. Create greater value and optimise outcomes.
Optimise Risk For New Business Opportunities For Your Company
How do you become more successful as a leader? The answer is to reduce the risks and maximise the opportunities for our company.
It is most certainly a challenge to grow a business faster with less uncertainty, but that is what we help business leaders do. Don’t miss out on the new opportunities for your business to grow faster. Minimise the extra threats from taking more risk and maximise the opportunities for your business with your existing resources.
Subscribe to BusinessRiskTV.com for free enter code #IdentifyingOpportunities
Improving business performance with BusinessRiskTV.com
Taking risks is critical for heightened business success. Too much or too little risk taking exposes an enterprise unnecessarily or restricts business performance unwittingly. Missed opportunities can be as expensive as massive business losses.
New Business Strategies Are Increasingly Important To Be More Successful For Longer
Strategic foresight consultants can help business leaders and entrepreneurs to make a success of their business regardless of the business environment. They inform the decision making process to reduce uncertainty and improve productivity.
Business Threats and Opportunities Live
Understand the threats and opportunities in front of you. Make decisions now to protect your business better and grow it faster. Identify evaluate and manage risks to exploit the creative insight of your existing employees to become more productive and more successful.
BusinessRiskTV Risk Partners
BusinessRiskTV works with partners and clients to maximise the opportunities and minimise the threats to business objectives.
Understand what your key threats and opportunities really are with BusinessRiskTV
Take The Courage To Embrace Potential Failure Of Business
You Control the Solutions to Your Business Problems: Exploring Creative Thinking and Problem Solving in Business
In the dynamic landscape of business, problems are inevitable. From operational inefficiencies to market challenges, businesses face a myriad of obstacles that require strategic thinking and effective problem-solving skills. The ability to identify, analyse, and resolve these issues is crucial for organisational success and growth. This article explores the significance of problem solving in the business realm, delving into the BusinessRiskTV model as a powerful tool for addressing challenges. Furthermore, it highlights the role of creative thinking in problem solving and provides three practical ways businesses can leverage creativity to overcome obstacles.
Understanding the Solution to Business Problems Before diving into the solutions, it is essential to grasp the concept of business problems and their significance. Business problems can range from operational bottlenecks to strategic dilemmas, and their resolution plays a vital role in maintaining competitive advantage and ensuring sustainability. By identifying the root causes of problems and employing appropriate problem-solving techniques, businesses can create innovative solutions that drive progress and success.
The BusinessRiskTV Model of Problem Solving The BusinessRiskTV model offers a structured approach to problem solving, enabling businesses to navigate challenges effectively. This model involves six key steps: problem identification, analysis, solution generation, evaluation, implementation, and review. By following these steps, organisations can systematically address problems, ensuring comprehensive and sustainable solutions. The model encourages a proactive mindset, emphasising the importance of continuous improvement and learning from past experiences.
The Importance of Solving Business Problems Solving business problems holds numerous benefits for organisations. Firstly, it helps optimise operational efficiency by identifying and eliminating inefficiencies, reducing costs, and improving productivity. Secondly, problem solving enables businesses to adapt to changing market conditions, seize opportunities, and stay ahead of the competition. Furthermore, effective problem-solving fosters a culture of innovation, empowering employees to think critically and contribute to the organisation’s growth.
Leveraging Creative Thinking in Problem Solving Creative thinking plays a crucial role in solving complex business problems. By encouraging fresh perspectives, challenging assumptions, and exploring unconventional solutions, businesses can unlock new possibilities and generate innovative ideas. This section explores three key ways in which organisations can utilise creative thinking:
a. Divergent Thinking: Encouraging brainstorming sessions and open discussions enables teams to generate a wide range of ideas. By embracing diversity and inclusivity, businesses can tap into the collective wisdom of their workforce and uncover unique solutions.
b. Design Thinking: This human-centered approach emphasises empathy, understanding, and collaboration. By immersing themselves in the customer’s perspective, businesses can develop innovative solutions that cater to their needs, preferences, and pain points.
c. Reverse Thinking: This approach involves challenging the status quo and flipping the problem on its head. By questioning assumptions and exploring alternative perspectives, businesses can discover fresh insights and uncover unconventional solutions.
Solving business problems is an imperative aspect of organisational success. By embracing the BusinessRiskTV model and incorporating creative thinking, businesses can take control of their challenges and pave the way for innovation and growth. The ability to identify problems, analyse their root causes, and generate effective solutions enables organisations to adapt to dynamic market conditions and gain a competitive edge. Moreover, by fostering a culture of creative thinking, businesses can unlock new perspectives and ideas, fueling continuous improvement and long-term success. Ultimately, the power to control the solutions to business problems lies within the organisation itself, and by leveraging their resources, knowledge, and creativity, businesses can overcome obstacles and thrive in an ever-evolving business landscape.
Know with more certainty what your business could achieve if it makes some changes.
Use risk management experts to help you make right choices
Once you know what your biggest business problems are you can identify how to best use limited business resources to reap the quickest gains to achieve greater business success more quickly.
Too often people in business at all levels of the organisation are working extremely hard. This can be a problem because they can burn out whilst solving problems that do not matter to the achievement of key business objectives. Solutions include employing more staff to work on the same minor business problems then business leaders wonder why they are spending more without any increase in business productivity and no business performance improvement.
Improving business performance requires better use of existing key business assets for a better return in your investment of time and money.
Develop the quality and capacity of your workforce to achieve more for themselves and the business
Training employees to help themselves will help your business achieve its objectives by overcoming the biggest business problems more easily with existing resources.
Get Help To Grow Your Business Faster – BusinessRiskTV.com
If you can answer this question immediately and with near absolute certainty then you should be performing pretty efficiently already. If not why haven’t you taken steps to remove barriers to your greater business and personal success?
Develop a new business management strategy with a new decision making process designed to help you identify evaluate and manage your biggest business problems more cost-effectively. If you can’t tell us what your biggest problems are in a very short summary of the key information then you haven’t truly identified your biggest critical business problems impacting on your business objectives.
Discover How To Beat The Competition In Sales
You could develop a new business strategy for success that is less complicated, cheaper to implement and brings greatest rewards if you change your thinking about business management.
This could be a pivotal momentum for your business
You either know exactly what you need to do today to change your business trajectory or you may need a little outside help. BusinessRiskTV can provide that help. If you do not need help we wish you well for the future. If you do need help get in touch below and tell us what you need help with.
Business Risk Management Help Tips Advice Support
BusinessRiskTV Pragmatic Practical Business Solutions For Your Biggest Business Problems
Executives business experts and influencers join BusinessRiskTV to discuss the key threats and opportunities in the world of business.
Looking at the global business stories with business risk live TV online. BusinessRiskTV helps business leaders identify and assess enterprise wide risk exposure and then manage risk better.
BusinessRiskTVs news and current affairs programme with original stories, exclusive interviews online audience debate and breaking business and lifestyle news.
BusinessRiskTV with live coverage of business breaking news and lively debate on the big business issues of the day.
Stay up to date on the days top business and lifestyle stories with the latest breaking news as it happens.
On our daily blog and vlog we provide live business and lifestyle news coverage of the latest events. Gain risk insight. Develop your business knowledge. Tap into business intelligence including financial markets the global economy and corporate developments.
React to business news and developing corporate issues. Watch business risk analysis from global business experts.
Learn the top things you need to know about your personal finance and corporate financial news. Whats happening in the global economy that can affect your business objectives. Make your life and business decisions easier because you will be more informed.
Subscribe for free to Business Live for upcoming live online broadcasts you can watch on your phone laptop PC or TV
Business Risk Live Online
Take More Risk With Confidence To Boost Your Business Performance
Collaborate with business risk experts around the world to manage business risks better. Keep up to date with the latest UK economy news and global economic outlook. Network with top business leaders locally and globally.
Keep up to date with latest Business Live articles and videostream trending on BusinessRiskTV
